Industrial turnover rises by 7.7 pct in February
Feb current account deficit at 990.4 mln as services balance improves
Hirings balance positive by 43,737 in March
Primary cash balance at deficit of 34 mln in March
Eurosystem funding falls by 625 mln in Mar, banknotes in circulation rise by 12 mln
Travel balance rises by 9.2 pct to surplus of 13.90 bln in 2018
2014 draft budget: An ambitious fiscal consolidation targeting a primary surplus of 1.6 pct
The Ministry of Finance (MoF) tabled the 2014 draft budget to the Greek parliament on Monday with headline figures confirming recent press reports. As was broadly expected, 2014 will be another year of ambitious budget consolidation with a further cut in primary expenditure by 2.77 billion year on year (yoy) and a revenue increase of 2.55 billion yoy (both on a cash basis) to reach the MoU target of a general government (gg) primary surplus at 2.84 billion (1.6 percent of GDP).
The achievement of a sustainable primary surplus has emerged as the Holy Grail of Greece’s fiscal adjustment as it would pave the way for official discussions on the ultimate target of debt easing measures to begin in the coming months.
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